TIDMDSG
RNS Number : 5381A
Dillistone Group PLC
26 September 2022
Dillistone Group Plc
("Dillistone", the "Company" or the "Group")
Interim Results & Investor Presentation
Dillistone Group Plc, the AIM quoted supplier of software and
services to recruiters, is pleased to announce interim results for
the six months ended 30 June 2022.
Financial Highlights
-- Revenue increased by 1% to GBP2.823m. First H1 growth since 2017.
-- Recurring revenues represented 88% (2021: 90%) of Group
revenue, which covers administration expenses (excluding
depreciation and amortisation).
-- Annualised recurring revenue relating to Talentis ended H1 at
GBP62k, an increase of over 300% on the equivalent figure at the
end of H2 2021.
-- Growth in orders driven by improving performance in market.
Order book increased by 13% year on year.
-- The Group benefited from flexible furlough support worth
GBP0.170m in 2021. Excluding this, the Adjusted(*) loss on
operating activity decreased from GBP0.260m in 2021 to GBP0.129m in
2022 - an improvement of 51%.
-- Net cash from operating activities broadly the same at GBP0.560m (2021: GBP0.562m).
-- Cash at period end of GBP0.608m. The Board does not expect
the Group to require additional funding to reach profitability.
Operational Highlights
-- Improved performance in both UK contingency and global executive search sectors.
-- Contingency business successfully implemented previously
announced large contract win. A further large contract was received
post period end, providing confidence in H2 and visibility into the
future.
-- Driven by Talentis, our executive search products had their
best H1 in terms of new contract wins since 2017.
Commenting on the results and prospects, Giles Fearnley,
Non-Executive Chairman, said:
"In my statement in the annual report, I was optimistic for the
future and our H1 results validate this belief. Revenue is growing,
our order book is stronger and operational performance is
improving. We enter the second half with a strong pipeline of
business and are optimistic about delivering further progress in
the coming months.
"While the Board is conscious of the broader economic situation,
it expects the Group to deliver full year results in line with
market expectations."
* Note: "Adjusted" refers to activities before acquisition,
reorganisation, furlough support, and one-off costs
Investor Presentation: 3pm today, Monday 26 September 2022
Jason Starr, Chief Executive, and Ian Mackin, Interim Finance
Director, will hold an investor presentation to cover the results
and prospects at 3pm today, Monday 26 September 2022.
The presentation will be hosted through the digital platform
Investor Meet Company. Investors can sign up to Investor Meet
Company and add to meet Dillistone Group Plc via the following link
https://www.investormeetcompany.com/dillistone-group-plc/register-investor
. For those investors who have already registered and added to meet
the Company, they will automatically be invited.
Questions can be submitted pre-event to
dillistone@walbrookpr.com or in real time during the presentation
via the "Ask a Question" function.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Contacts:
Dillistone Group Plc Via Walbrook PR
Jason Starr Chief Executive
Ian Mackin Interim Finance Director
WH Ireland Limited (Nominated adviser)
Chris Fielding Head of Corporate Finance 020 7220 1650
Walbrook PR
Tom Cooper / Nick Rome 020 7933 8780
dillistone@walbrookpr.com
Notes to Editors:
Dillistone Group Plc is a global leader in the supply of
technology solutions and test & train services to the
recruitment sector worldwide, in both contingency recruitment and
executive search markets.
The Group trades through the Ikiru People brand (
www.IkiruPeople.com ), selling into recruitment, staffing and
executive search businesses, as well as corporate talent
acquisition teams around the world.
Ikiru People provides the platforms its clients need to test and
train candidates, support further development, enhance the
recruitment process, and source the best talent. With clients in
more than 50 countries over six continents and working with
thousands of users, the Group boasts more than 30 years in the
market and 100's of years of collective experience.
The Group develops, markets and supports the Talentis,
FileFinder, Infinity, Mid-Office, ISV and GatedTalent products.
Dillistone was admitted to AIM, a market operated by the London
Stock Exchange plc, in June 2006.
Learn about our products:
Talentis Software: https://www.talentis.global/recruitment-software
Voyager Software: https://www.voyagersoftware.com
GatedTalent Services: https://www.talentis.global/optimization-services
Chairman's Statement
In my statement in the annual report, I said that I was
optimistic for the future. This has been validated by our first
half results which show a strong and improving performance in both
our executive search and contingency staffing markets.
In the first half, the Group has delivered increased revenue,
improved cash generation and a healthy order book. The Group
benefited from flexible furlough support worth GBP0.170m in 2021.
Excluding this, the Adjusted loss on operating activity decreased
from GBP0.260m in 2021 to GBP0.129m in 2022 - an improvement of
51%.
We have previously announced that our non-executive Director,
Julie Pomeroy, was due to step down from the Board on 30(th)
September 2022. We are pleased to say that Julie has now agreed to
stay with the Group. We are also delighted to confirm that Ian
Mackin, previously Interim FD has now accepted the position on a
permanent basis. We would like to thank Joanne Curd, who left the
Group at the end of July 2022, for her valuable contribution.
Operational Review
The Group has seen order book growth of 13%, helping us to
deliver H1 year on year revenue growth. While much of the growth
has been in non-recurring revenue, we are pleased to note that
recurring revenue saw year on year quarterly growth during Q2 2022,
and we fully expect this growth to continue into H2. Net debt
stands at (GBP0.992m), against a 2021 figure of (GBP0.925m). Cash
generation in H1 was ahead of budget and the Group does not expect
to need to raise additional capital to restore profitability.
We are pleased to report an improving performance from both our
contingency and executive search products.
Our contingency products (Infinity, ISV, Mid-Office and VDQ) saw
revenue grow by a combined 9%, driven by a particularly strong
performance from our Infinity recruiting CRM. Many of our Infinity
projects have been on behalf of firms in the Temporary staffing
space and, as such, some of these firms also implement our
Mid-Office application.
The period saw the successful completion of our previously
announced large Infinity order and we are pleased to report that,
post period end, we have won a further large contract for this
product.
Our ISV product continues to make a contribution to profits,
with clients including many of the UK's largest recruitment
businesses. A number of these firms are on multi-year
contracts.
The increasingly strong performance by Infinity has allowed the
Group to prepare for the withdrawal of support for our VDQ product,
and this is expected to occur over the coming months.
Our market share in the executive search software space (where
historically we have offered FileFinder and GatedTalent) has fallen
over recent years. However, we are delighted to report that this
trend has begun to reverse. Driven by strong performance by our
Talentis product, launched in 2021, this part of our business has
added more than 50 new clients in the first half. In terms of new
client wins, this was our best executive search CRM performance
since 2017.
Launched in early 2021 and provided as part of a package to many
FileFinder clients, Talentis now also has "stand alone" paying
clients on six continents. Most of these clients have a small
number of users, but we expect average client size (and associated
revenue) to grow over time as we continue to develop and extend the
product. Annualised recurring revenue associated with Talentis
ended H1 at GBP62k, an increase of over 300% on the equivalent
figure at the end of H2 2021. Across the Group, it has become our
fastest growing CRM product by number of contract wins in the
period.
Our FileFinder product has seen improved client retention,
partly as a result of our decision to provide Talentis as part of a
package to many of these firms. We have now completed our
re-engineering of the FileFinder SaaS platform and are pleased to
report a reduction in our FileFinder hosting costs of 21% in the
period, largely as a result of this work.
GatedTalent continues to make a contribution to the Group, and
the period has seen us undertake work to improve the margin
associated with the professional services delivered under this
banner. As part of this, we were delighted when one of our
employees became - we believe - the first resume writer in Europe
to be recognised by the National Résumé Writers' Association.
Across all of our product range, we continue to deliver
best-in-class customer service. During the period, we were
delighted to become, we believe, the first firm in our market to
earn a "5* Excellent" rating on Trustpilot.
Financial Performance
Revenue in the six months ended 30 June 2022 amounted to
GBP2.823m, up GBP0.022m (1%) (2021: GBP2.801m). Recurring revenues
decreased by 2% to GBP2.477m over the comparable period last year
(2021: 17% decline on 2020 H1 to GBP2.522m). However, in Q2 2022 we
experienced our first year on year growth in quarterly recurring
revenue since Q2 2018. Recurring revenues represented 88% of total
revenues (2021: 90%). Non-recurring revenues were up 30% at
GBP0.261m (2021: GBP0.200m).
Cost of sales increased 4% to GBP0.351m (2021: GBP0.336m),
benefitting from a decrease of 21% in hosting costs for our
FileFinder SaaS product as we moved to a new platform. This helped
offset a growth driven rise in cloud and data processing costs
elsewhere.
Adjusted administration expenses decreased by GBP0.139m to
GBP2.037m (2021: GBP2.176m). These expenses are covered 122% by
recurring revenue (2021: 116%)
Amortisation of acquisition intangibles amounted to GBP0.082m
(2021: GBP0.107m). In 2021 other items of credit GBP(0.092m) were
received, which included the write-off of a US payroll protection
loan which was forgiven in the period and, in Australia, a Covid-19
related grant.
The loss for the period before tax increased to GBP0.274m (2021:
loss GBP0.141m). The loss after tax was GBP(0.183m) (2021:
GBP(0.101m)).
There is a tax credit for the period of GBP0.091m (2021: credit
GBP0.040m). The 2021 and 2022 tax credits have benefited from
claims in the UK for research and development reflecting the
continuing development of our products.
Cash generated from operating activities stayed broadly level at
GBP0.560m (2021: GBP0.562m). Total cash flows in the 6 months ended
30 June 2022 showed a net outflow of GBP0.186m (2021: outflow
GBP0.110m). The main elements of non-operating expenditure related
to investment in new product development of GBP0.477m (2021:
GBP0.504m) and loan repayments of GBP0.150m (2021: GBP0.213m).
At 30 June 2022, we had net cash reserves of GBP0.608m (2021:
GBP1.039m) and GBP1.600m in borrowings (2021: GBP1.964m).
The CBIL loan balance stands at GBP1.200m and, on the current
payment profile, has another 4 years until it is fully repaid. The
Group also has a convertible loan of GBP0.400m, which will not be
repaid until the CBIL loan has been repaid.
Strategy
Our long-term strategy is unchanged, concentrating on returning
to sustainable growth and increasing profits. We are excited by the
opportunity provided by our new Talentis product and the continued
investment across our product range, backed up by consistently
delivering "best in class" service to our clients.
Outlook
In my statement in the annual report, I was optimistic for the
future. This remains my view, and I am delighted to that our
performance during and since H1 has compounded this opinion.
In our view, Infinity has become a leading product in the UK
temporary staffing sector, and we believe that this market is
likely to perform well during any economic downturn. Talentis
continues to grow rapidly and, based on the number of contracts
signed in H1, we believe that the product has taken a significant
share of new orders in the market and will increasingly be
considered a market leader in the sectors it serves. Our aim now is
to increase the size and value of the contracts associated with
this product - and we are already seeing progress to this end. We
remain very excited by the opportunity that Talentis presents for
our Group.
The Group expects to deliver full year results in line with
market expectations. Our cash position as at 31 August 2022 was
GBP0.617m and we do not expect to raise additional funds to reach
profitability.
Giles Fearnley
Non-Executive Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note 6 Months ended 30 Year ended
June 31 Dec
2022 2021 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 4 2,823 2,801 5,599
Cost of sales (351) (336) (685)
----------------- ----------------- -----------
Gross profit 2,472 2,465 4,914
Administrative expenses (2,683) (2,570) (5,113)
----------------- ----------------- -----------
Result from operating activities 4 (211) (105) (199)
Analysed as:
Result from operating
activities before furlough
support, acquisition related,
reorganisation and other
items (129) (260) (375)
Furlough support - 170 235
Acquisition related, reorganisation
and other items 5 (82) (15) (59)
----------------- ----------------- -----------
Result after acquisition related
items (211) (105) (199)
-------------------------------------------- ----------------- ----------------- -----------
Financial cost (63) (36) (99)
----------------- ----------------- -----------
(Loss) before tax (274) (141) (298)
Tax income 6 91 40 302
----------------- ----------------- -----------
(Loss)/profit for the
period (183) (101) 4
Other comprehensive income
net of tax:
Currency translation differences 6 2 4
----------------- ----------------- -----------
Total comprehensive (loss)/income
for period net of tax (177) (99) 8
----------------- ----------------- -----------
Earnings per share (pence)
Basic 8 (0.93) (0.51) 0.02
Diluted (0.93) (0.51) 0.02
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June As at 30 June 2021 As at 31 Dec
2022 2021
Unaudited Unaudited Audited
ASSETS GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 3,415 3,415 3,415
Intangible assets 3,030 3,274 3,142
Right of use assets 541 646 592
Property plant & equipment 22 18 25
-------------- ------------------- -------------
7,008 7,353 7,174
Current assets
Trade and other receivables 739 843 615
Current tax receivable 119 67 29
Cash and cash equivalents 608 1,175 764
-------------- ------------------- -------------
1,466 2,085 1,408
-------------- ------------------- -------------
Total assets 8,474 9,438 8,582
-------------- ------------------- -------------
EQUITY AND LIABILITIES
Equity
Share capital 983 983 983
Share premium 1,631 1,631 1,631
Merger reserve 365 365 365
Convertible loan reserve 14 14 14
Retained earnings 79 107 262
Share option reserve 72 124 64
Translation reserve 69 61 63
-------------- ------------------- -------------
Total equity 3,213 3,285 3,382
Liabilities
Non current liabilities
Trade and other payables 252 237 238
Lease liabilities 516 604 560
Borrowings 1300 1,600 1,450
Deferred tax 210 299 210
-------------- ------------------- -------------
Total non-current liabilities 2,278 2,740 2,458
-------------- ------------------- -------------
Current liabilities
Trade and other payables 2,595 2,808 2,347
Lease liabilities 88 105 95
Borrowings 300 364 300
Utilisation of banking - 136 -
facility
Current tax payable - - -
-------------- ------------------- -------------
Total non-current liabilities 2,983 3,413 2,742
-------------- ------------------- -------------
Total liabilities 5,261 6,153 5,200
-------------- ------------------- -------------
Total liabilities and
equity 8,474 9,438 8,582
-------------- ------------------- -------------
The interim report was approved by the Board of directors and
authorised for issue on 23 September 2022. They
were signed on its behalf by: JS Starr IJ Mackin
CONSOLIDATED STATEMENT OF CASH FLOWS
As at 30 June As at
31 December
2022 2021 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating Activities
(Loss) before tax (274) (141) (298)
Adjustment for
Financial cost 63 36 99
Depreciation and amortisation 648 656 1,335
Share option expense 8 15 3
Other including foreign exchange adjustments
arising from operations (24) (4) 10
Operating cash flows before movements
in working capital 421 562 1,149
Increase / (Decrease) in receivables (124) 20 268
Increase / (Decrease) in payables 263 (184) (639)
Net taxation repaid - 164 373
Net cash generated from operating
activities 560 562 1,151
---------- ----------- -------------
Investing Activities
Purchases of property plant and equipment (5) (4) (21)
Investment in development costs (477) (504) (987)
Net cash used in investing activities (482) (508) (1,008)
---------- ----------- -------------
Financing Activities
Finance cost (63) (36) (99)
Lease payments made (51) (51) (104)
Bank loan repayments (150) (213) (461)
Utilisation of banking facility - 136 -
---------- ----------- -------------
Net cash generated from financing
activities (264) (164) (664)
---------- ----------- -------------
Net change in cash and cash equivalents (186) (110) (521)
Cash and cash equivalents at beginning
of the period 764 1,291 1291
Effect of foreign exchange rate changes 30 (6) (6)
Cash and cash equivalents at end of
period 608 1,175 764
---------- ----------- -------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Merger Retained Convertible Share Foreign Total
capital premium Reserve earnings loan option exchange
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31
December 2021 983 1,631 365 262 14 64 63 3,382
Comprehensive
income
Loss for the 6
months ended 30
June 2022 - - - (183) - - - (183)
Other comprehensive -
income
Exchange differences
on translation
of overseas operations - - - - - - 6 6
Total comprehensive
(loss) - - - (183) - - 6 (177)
--------- --------- --------- --------- ------------ --------- --------- --------
Transactions with
owners
Share option charge - - - - - 8 - 8
Balance at 30
June 2022 983 1,631 365 79 14 72 69 3,213
--------- --------- --------- --------- ------------ --------- --------- --------
Balance at 31
December 2020 983 1,631 365 208 14 110 59 3,370
Comprehensive
income
Loss for the 6
months ended 30
June 2021 - - - (101) - - - (101)
Other comprehensive -
income
Exchange differences
on translation
of overseas operations - - - - - - 2 2
Total comprehensive
(loss) - - - (101) - - 2 (99)
--------- --------- --------- --------- ------------ --------- --------- --------
Transactions with
owners
Share option charge - - - - - 14 - 14
Balance at 30
June 2021 983 1,631 365 107 14 124 61 3,285
--------- --------- --------- --------- ------------ --------- --------- --------
NOTES TO THE INTERIM
NOTES TO THE UNAUDITED INTERIM REPORT
CONSOLIDATED STATEMENT OF
1. Basis of Preparation
The financial information for the six months ended 30 June 2022
included in this condensed interim report comprises the
consolidated statement of comprehensive income, the consolidated
statement of financial position, the consolidated statement of cash
flows, the consolidated statement of changes in equity and the
related notes.
The financial information in these interim results is that of
the holding company and all of its subsidiaries (the Group). It has
been prepared in accordance with UK adopted international
accounting standards but does not include all of the disclosures
that would be required under International Financial Reporting
Standards (IFRSs). The accounting policies applied by the Group in
this financial information are the same as those applied by the
Group in its financial statements for the year ended 31 December
2021 and are those which will form the basis of the 2022 financial
statements.
The comparative financial information presented herein for the
year ended 31 December 2021 does not constitute full statutory
accounts for that period. The Group's annual report and accounts
for the year ended 31 December 2021 have been delivered to the
Registrar of Companies. The Group's independent auditor's report on
those statutory accounts was unqualified, did not draw attention to
any matters by way of emphasis, and did not contain a statement
under 498(2) or 498(3) of the Companies Act 2006.
Going concern
The directors have continued to perform detailed forecasting on
a regular basis taking into account current trading and
expectations and cash balances and, having reflected upon these
forecasts, the directors of the Company continue to adopt the going
concern basis of accounting in preparing the financial
statements.
Dillistone Group Plc is the Group's ultimate parent company. It
is a public listed company and is domiciled in the United Kingdom.
The address of its registered office and principal place of
business is 12 Cedarwood, Crockford Lane, Chineham Business Park,
Basingstoke, RG24 8WD. Dillistone Group Plc's shares are listed on
the Alternative Investment Market (AIM).
2. Share Based Payments
The Company operates two share option schemes. The fair value of
the options granted under these schemes is recognised as an
employee expense with a corresponding increase in equity. The fair
value is measured at grant date and spread over the period at the
end of which the option holder may exercise the option. The fair
value of the options granted is measured using the Black-Scholes
model.
3. Reconciliation of adjusted operating profits to consolidated
statement of comprehensive income
30 June 2022 and 30 June 2021
Adjusted Acquisition Adjusted Acquisition
operating related operating and reorganisation
profits items profits related
items
30-Jun
30-Jun-2022 2022* 30-Jun-2022 30-Jun-2021 2021* 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 2,823 - 2,823 2,801 - 2,801
Cost of sales (351) - (351) (336) - (336)
Gross profit 2,472 - 2,472 2,465 - 2,465
Administrative expenses (2,601) (82) (2,683) (2,555) (15) (2, 570)
Results from operating
activities (inc
furlough) (129) (82) (211) (90) (15) (105)
Financial cost (63) - (63) (36) - (36)
(Loss) before tax (192) (82) (274) (126) (15) (141)
Tax expense/(income) 76 15 91 36 4 40
(Loss)/profit for
the year (116) (67) (183) (90) (11) (101)
Other comprehensive
income net of tax:
Currency translation
differences 6 - 6 2 - 2
Total comprehensive
(loss) for the year
net of tax (110) (67) (177) (88) (11) (99)
------------ ------------ ------------ ------------ -------------------- ---------
* see accounts note 5
Earnings per share - from continuing activities
Basic (0.59)p (0.93)p (0.46)p (0.51)p
Diluted (0.59)p (0.93)p (0.46)p (0.51)p
31 December 2021
Adjusted Acquisition
operating and reorganisation
profits related
items
31 December 2021* 31 December
2021 2021
GBP'000 GBP'000 GBP'000
Revenue 5,599 - 5,599
Cost of sales (685) - (685)
------------ -------------------- ------------
Gross profit 4,914 - 4,914
Administrative expenses (5,054) (59) (5,113)
Results from operating activities
(inc furlough) (140) (59) (199)
Financial cost (99) - (99)
Loss before tax (239) (59) (298)
Tax income 287 15 302
Profit/(loss) for the year 48 (44) 4
Other comprehensive income
net of tax:
Currency translation differences 4 - 4
Total comprehensive profit/(loss)
for the year net of tax 52 (44) 8
============ ==================== ==============
* see accounts note 5
Earnings per share - from continuing activities
Basic 0.24p 0.02p
Diluted 0.24p 0.02p
4. Segment reporting
Results
Year ended
6 months ended 30 June 31 Dec
2022 2021 2021
GBP'000 GBP'000 GBP'000
Results from operating activities
Ikiru People (128) (61) (169)
Central (1) (29) 29
Reorganisation and
other costs - 92 154
Amortisation of acquisition
intangibles and reorganisation
costs (82) (107) (213)
Result from operating
activities (211) (105) (199)
========== ============ ================
Geographical segments
The following table provides an analysis of the Group's revenues
by geographical market.
Year ended
6 months ended 30
June 31 Dec
2022 2021 2021
GBP'000 GBP'000 GBP'000
UK 1,942 1,928 3,933
Europe 350 441 762
Americas 309 242 526
Australia 117 76 140
ROW 105 114 238
2,823 2,801 5,599
=============== ============ =================
Business Segment
The following table provides an analysis of the Group's revenues
by products and services.
Year ended
6 months ended 30
June 31 Dec
2022 2021 2021
GBP'000 GBP'000 GBP'000
Recurring 2,477 2,522 5,009
Non recurring 261 200 427
Third party revenues 85 79 163
2,823 2,801 5,599
============= ============= ===========
'Recurring income' represents all income recognised over time,
whereas 'Non-recurring income' represents all income recognised
at a point in time. Recurring income includes all support services,
software as a service income (SaaS) and hosting income. Non-recurring
income includes sales of new licenses, and income derived from
installing those licenses including training, installation, and
data translation. Third party revenues arise from the sale of
third party software.
5. Acquisition related items and other one off costs
Year ended
6 months ended 30
June 31 Dec
2022 2021 2021
GBP'000 GBP'000 GBP'000
Reorganisation costs - - 6
US Government loan (Payment
Protection Program) - (86) (154)
Grants received from overseas
jurisdictions - (6) (6)
Amortisation of acquisition
intangibles 82 107 213
Total 82 15 59
========= ========= ===========
6. Tax
Year ended
6 months ended 30
June 31 Dec
2022 2021 2021
GBP'000 GBP'000 GBP'000
Current tax (56) (43) (96)
Prior year adjustment - current
tax - - (121)
Deferred tax release (20) (11) (35)
Prior year adjustment - deferred
tax - - (60)
2021 Deferred tax rate change
to 25% (19% in 2020) - 34 50
Deferred tax re acquisition
intangibles (15) (20) (40)
Tax credit for the period (91) (40) (302)
========= ========= ===========
The tax charge is calculated for each jurisdiction based on the
estimated position for the year. Deferred tax has been provided at
a rate of 25% (2021: 25%).
7. Dividends
The Board has decided not to pay an interim dividend (2021: nil
per share).
8. Earnings per Share
Year ended
6 months ended 30
June 31 Dec
2022 2021 2021
Basic earnings per share
(Loss) attributable to ordinary
shareholders GBP(183,000) GBP(101,000) GBP4,000
Weighted average number of
shares 19,668,021 19,668,021 19,668,021
Basic (loss) per share (pence) (0.93) (0.51) 0.02
============= ============= ===========
As the Group is in a loss position shares options are
anti-dilutive.
9. Related party transactions
The Company has related party relationships with its
subsidiaries, its directors, and other employees of the Company
with management responsibility. There were no transactions with
these parties during the period outside the usual course of
business.
The Directors participated in the issue of convertible loan
notes in 2017 which carry interest at 8.15% per annum payable
quarterly in arrears.
There were no transactions with any other related parties.
10. Cautionary statement
This Interim Report has been prepared solely to provide
additional information to shareholders to assess the Company's
strategies and the potential for these strategies to succeed. The
Interim Report should not be relied on by any other party or for
any other purpose. The Interim Report contains certain
forward-looking statements with respect to the financial condition,
results of operations and businesses of the Company. These
statements are made in good faith based on the information
available to them up to the time of their approval of this report.
However, such statements should be treated with caution as they
involve risk and uncertainty because they relate to events and
depend upon circumstances that will occur in the future. There are
a number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements. The continuing uncertainty in global
economic outlook inevitably increases the economic and business
risks to which the Company is exposed. Nothing in this announcement
should be construed as a profit forecast.
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IR EAPNSAFPAEFA
(END) Dow Jones Newswires
September 26, 2022 02:01 ET (06:01 GMT)
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